Malta’s entry into the eurozone has reinforced Malta’s credibility with investors, Prime Minister Lawrence Gonzi told Agence France Presse in an interview.

“Foreign investors have seen for themselves that we could control our public deficit to meet the Maastricht criteria, and this for them is the best guarantee. An investor would not be interested in Malta unless he is sure there is political and economic stability, growth and an ambition to reach the best of other countries.”

Dr Gonzi outlined the six sectors in which Malta aims to become the centre of excellence in the Mediterranean and Europe by 2015. Financial services is already strong in Malta, he added, but Malta wants to offer the best services in terms of competence and transparency for Malta is no fiscal paradise.

In industry, Malta insists on high value-adding enterprises. Malta has also developed IT with one of the biggest investments ever attracted, Smart City, a park financed by Dubai investors representing $300 million as investments and 3,500 jobs in IT.

Malta has also prioritised health and education as well as tourism. As for tourism, the traditional pillar of our economy, Dr Gonzi added, “we want to benefit from the changes in this sector and rely less on tour operators and more on the do-it-yourself model, thanks to low-cost airlines that enable tourists to spend more while on holiday and less on their journey.

Asked what the principal challenges for Malta are, Dr Gonzi said the principal risks come from the price of oil and cereals on which Malta is 100 per cent dependent on importation. The consolidation of the budget remains a priority, aiming to get to equilibrium by 2009 or 2010. Besides, Malta intends to maintain its growth rate, which was as high as four per cent in the first half of the year.